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Super Fund announces unlisted property mandate

The New Zealand Super Fund has appointed AMP Capital Investors to manage a New Zealand unlisted property mandate,

Wednesday, June 29th 2005, 5:52PM
The New Zealand Superannuation Fund has announced that AMP Capital Investors (NZ) Limited has been appointed to manage a New Zealand unlisted property mandate, via the AMP Property Portfolio (APP).

The Fund will initially invest $78 million in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than $565 million, the APP includes interests in the Botany Town Centre, LynnMall Shopping Centre, Manukau Supa Centre, and the PWC Tower/Capital on the Quay.

The New Zealand Superannuation Fund's current target exposure to global property is 7%, with an allocation of up to 2% to New Zealand unlisted property. Earlier this year the Fund appointed Vanguard Investments Australia Ltd to a global listed property securities mandate.

AMP Capital Investors is New Zealand's largest property investment company, with commercial property interests totaling around $1.6 billion. Their appointment brings the total number of external investment managers to 21. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.

This is a media release from New Zealand Superannuation Fund

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 5.79 5.49 5.59
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Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
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CFML Standard Loans 8.80 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.99 5.89 -
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Heartland Bank - Reverse Mortgage - - - -
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ICBC 7.49 5.79 5.59 5.59
Kainga Ora 7.39 5.79 5.59 5.69
Kainga Ora - First Home Buyer Special - - - -
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Kiwibank - Offset 7.25 - - -
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SBS FirstHome Combo 4.94 4.89 - -
SBS FirstHome Combo - - - -
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TSB Bank 8.19 6.49 6.39 6.39
TSB Special 7.39 5.69 5.59 5.59
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Unity First Home Buyer special - 5.49 - -
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Westpac Special - 5.79 5.49 5.59
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